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169-598: Blackpool Football Club is a professional association football club based in the seaside resort of Blackpool , Lancashire , England. The team competes in EFL League One , the third tier of the English football league system . Founded in 1887, the club formerly played its home games at Raikes Hall and the Athletic Grounds before moving to Bloomfield Road in 1901. Blackpool were founder members of

338-689: A monopoly ", and the Hart–Scott–Rodino Act requires notifying the U.S. Department of Justice 's Antitrust Division and the Federal Trade Commission about any merger or acquisition over a certain size. An acquisition/takeover is the purchase of one business or company by another company or other business entity. Specific acquisition targets can be identified through myriad avenues, including market research, trade expos, sent up from internal business units, or supply chain analysis. Such purchase may be of 100%, or nearly 100%, of

507-628: A stele of c.  375–400 BCE in the National Archaeological Museum of Athens appears on the UEFA European Championship trophy. Athenaeus , writing in 228 CE, mentions the Roman ball game harpastum . Phaininda, episkyros and harpastum were played involving hands and violence. They all appear to have resembled rugby football , wrestling , and volleyball more than what

676-493: A French XI team in 1920, and also made up most of the England team against a Scottish Ladies XI in the same year, winning 22–0. Despite being more popular than some men's football events, with one match seeing a 53,000 strong crowd in 1920, women's football in England suffered a blow in 1921 when The Football Association outlawed the playing of the game on association members' pitches, stating that "the game of football

845-469: A better goal-average: 1.86, to Blackpool's 1.65. At the end of the following 1968–69 campaign, the Blackpool board made the decision to sack Mortensen after just over two years in the job. Their decision was met by fans with shock and anger, as Mortensen was as popular a manager as he was a player. Les Shannon , who spent the majority of his playing career with Blackpool's Lancashire rivals Burnley ,

1014-405: A business retain just a handful of key players that would have otherwise left. Organizations should move rapidly to re-recruit key managers. It's much easier to succeed with a team of quality players that one selects deliberately rather than try to win a game with those who randomly show up to play. Mergers and acquisitions often create brand problems, beginning with what to call the company after

1183-569: A business, which accrues to both categories of stakeholders, is called the Enterprise Value (EV), whereas the value which accrues just to shareholders is the Equity Value (also called market capitalization for publicly listed companies). Enterprise Value reflects a capital structure neutral valuation and is frequently a preferred way to compare value as it is not affected by a company's, or management's, strategic decision to fund

1352-442: A caution ( yellow card ) or dismissal ( red card ). A second yellow card in the same game leads to a red card, which results in a dismissal. A player given a yellow card is said to have been "booked", the referee writing the player's name in their official notebook. If a player has been dismissed, no substitute can be brought on in their place and the player may not participate in further play. Misconduct may occur at any time, and while

1521-574: A competitive game, and involved the kicking of a mari , a ball made of animal skin. In North America, pasuckuakohowog was a ball game played by the Algonquians ; it was described as "almost identical to the kind of folk football being played in Europe at the same time, in which the ball was kicked through goals". Phaininda and episkyros were Greek ball games. An image of an episkyros player depicted in low relief on

1690-505: A deadlock; some competitions may invoke replays . A game tied at the end of regulation time may go into extra time, which consists of two further 15-minute periods. If the score is still tied after extra time, some competitions allow the use of penalty shoot-outs (known officially in the Laws of the Game as "kicks from the penalty mark") to determine which team will progress to the next stage of

1859-473: A function of their acquisition activity. Therefore, additional motives for merger and acquisition that may not add shareholder value include: The M&A process itself is a multifaceted which depends upon the type of merging companies. The M&A process results in the restructuring of a business's purpose, corporate governance and brand identity. An arm's length merger is a merger: ″The two elements are complementary and not substitutes. The first element

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2028-400: A goal has been scored or not; this was brought in to prevent controversy. Video assistant referees (VAR) have also been increasingly introduced in high-level matches to assist officials through video replays to correct clear and obvious mistakes. There are four types of calls that can be reviewed: mistaken identity in awarding a red or yellow card, goals and whether there was a violation during

2197-535: A ground in Caunce Street. This team disbanded a few years later but some of its members are understood to have merged with old boys from St John's School to form a new club called Blackpool St John's. The two factions remained disunited, however, and on 26 July 1887, at a meeting in the Stanley Arms public house, the members resolved to wind up St John's and form a new club to represent the whole town. It

2366-433: A larger and/or longer-established company and retain the name of the latter for the post-acquisition combined entity. This is known as a reverse takeover . Another type of acquisition is the reverse merger , a form of transaction that enables a private company to be publicly listed in a relatively short time frame. A reverse merger is a type of merger where a privately held company, typically one with promising prospects and

2535-640: A latex bladder for pressurisation, but modern balls at all levels of the game are now synthetic. As the Laws were formulated in England, and were initially administered solely by the four British football associations within IFAB , the standard dimensions of a football pitch were originally expressed in imperial units . The Laws now express dimensions with approximate metric equivalents (followed by traditional units in brackets), though use of imperial units remains popular in English-speaking countries with

2704-579: A legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear. Most countries require mergers and acquisitions to comply with antitrust or competition law . In the United States , for example, the Clayton Act outlaws any merger or acquisition that may "substantially lessen competition" or "tend to create

2873-529: A meeting attended by representatives from Eton , Harrow , Rugby , Winchester and Shrewsbury schools. They were not universally adopted. During the 1850s, many clubs unconnected to schools or universities were formed throughout the English-speaking world to play various forms of football. Some came up with their own distinct codes of rules, most notably the Sheffield Football Club , formed by former public school pupils in 1857, which led to

3042-426: A merger or acquisition transaction can range from political to tactical. Ego can drive choice just as well as rational factors such as brand value and costs involved with changing brands. Beyond the bigger issue of what to call the company after the transaction comes the ongoing detailed choices about what divisional, product and service brands to keep. The detailed decisions about the brand portfolio are covered under

3211-444: A need for financing, acquires a publicly listed shell company that has few assets and no significant business operations. The combined evidence suggests that the shareholders of acquired firms realize significant positive "abnormal returns," while shareholders of the acquiring company are most likely to experience a negative wealth effect. Most studies indicate that M&A transactions have a positive net effect, with investors in both

3380-426: A penalty kick. Other markings define the position of the ball or players at kick-offs , goal kicks, penalty kicks and corner kicks. A standard adult football match consists of two halves of 45 minutes each. Each half runs continuously, meaning that the clock is not stopped when the ball is out of play. There is usually a 15-minute half-time break between halves. The end of the match is known as full-time. The referee

3549-604: A regular source of goals for Mortensen, joined Blackpool in 1947, as did centre-forward Jackie Mudie . Goalkeeper George Farm signed in 1948, followed by outside-left Bill Perry in 1949. Kelly, Garrett, Matthews, Mudie, Farm and Perry would play with the club throughout the 1950s, the most successful decade in the club's history. Post-war Blackpool reached the FA Cup final on three occasions, losing to Manchester United in 1948 and Newcastle United three years later , and winning it in 1953 , captained by Harry Johnston . For

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3718-416: A relatively recent history of metrication (or only partial metrication), such as Britain. The length of the pitch, or field, for international adult matches is in the range of 100–110 m (110–120 yd) and the width is in the range of 64–75 m (70–80 yd). Fields for non-international matches may be 90–120 m (100–130 yd) in length and 45–90 m (50–100 yd) in width, provided

3887-576: A similar ancient game ( cuju , or tsu chu ) was played by women during the Han dynasty (25–220 CE), as female figures are depicted in frescoes of the period playing tsu chu . There are also reports of annual football matches played by women in Midlothian , Scotland, during the 1790s. Association football, the modern game, has documented early involvement of women. In 1863, football governing bodies introduced standardised rules to prohibit violence on

4056-434: A situation where one company splits into two, generating a second company which may or may not become separately listed on a stock exchange. As per knowledge-based views, firms can generate greater values through the retention of knowledge-based resources which they generate and integrate. Extracting technological benefits during and after acquisition is an ever-challenging issue because of organizational differences. Based on

4225-550: A special committee of independent directors; and 2) conditioned on an affirmative vote of a majority of the minority stockholders, the business judgment standard of review should presumptively apply, and any plaintiff ought to have to plead particularized facts that, if true, support an inference that, despite the facially fair process, the merger was tainted because of fiduciary wrongdoing.″ A Strategic merger usually refers to long-term strategic holding of target (Acquired) firm. This type of M&A process aims at creating synergies in

4394-468: A total value of US$ 2,164.4 bil. Some of the largest mergers of equals took place during the dot-com bubble of the late 1990s and in the year 2000: AOL and Time Warner (US$ 164 bil.), SmithKline Beecham and Glaxo Wellcome (US$ 75 bil.), Citicorp and Travelers Group (US$ 72 bil.). More recent examples this type of combinations are DuPont and Dow Chemical (US$ 62 bil.) and Praxair and Linde (US$ 35 bil.). An analysis of 1,600 companies across industries revealed

4563-564: A truce to the nation's civil war in 2006 and it helped further reduce tensions between government and rebel forces in 2007 by playing a match in the rebel capital of Bouaké , an occasion that brought both armies together peacefully for the first time. By contrast, football is widely considered to have been the final proximate cause for the Football War in June 1969 between El Salvador and Honduras . The sport also exacerbated tensions at

4732-432: A variety of positions in which the outfield (non-goalkeeper) players are strategically placed by a coach, these positions are not defined or required by the Laws. The basic equipment or kit players are required to wear includes a shirt, shorts, socks, footwear and adequate shin guards . An athletic supporter and protective cup is highly recommended for male players by medical experts and professionals. Headgear

4901-729: A year in the job, and departed when the club were relegated to the League's basement division . Allan Brown had taken over from Ball in February 1981, and he remained in charge for the following 1981–82 term. Blackpool finished twelfth in their first season in Division Four; however, unable to handle the pressure of the job, Brown resigned during the close season. Sam Ellis took over from Brown in June 1982, three years after he finished his playing career with Watford . His first season saw Blackpool finish 21st, with Dave Bamber topping

5070-456: Is friendly or hostile . Achieving acquisition success has proven to be very difficult, while various studies have shown that 50% of acquisitions were unsuccessful. "Serial acquirers" appear to be more successful with M&A than companies who make acquisitions only occasionally (see Douma & Schreuder, 2013, chapter 13). The new forms of buy out created since the crisis are based on serial type acquisitions known as an ECO Buyout which

5239-478: Is a co-community ownership buy out and the new generation buy outs of the MIBO (Management Involved or Management & Institution Buy Out) and MEIBO (Management & Employee Involved Buy Out). Whether a purchase is perceived as being "friendly" or "hostile" depends significantly on how the proposed acquisition is communicated to and perceived by the target company's board of directors, employees, and shareholders. It

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5408-426: Is a triangular merger, where the target company merges with a shell company wholly owned by the buyer, thus becoming a subsidiary of the buyer. In a "forward triangular merger ", the target company merges into the subsidiary, with the subsidiary as the surviving company of the merger; a "reverse triangular merger" is similar except that the subsidiary merges into the target company, with the target company surviving

5577-425: Is between two competitors in the same industry. A vertical merger occurs when two firms combine across the value chain, such as when a firm buys a former supplier (backward integration) or a former customer (forward integration). When there is no strategic relatedness between an acquiring firm and its target, this is called a conglomerate merger (Douma & Schreuder, 2013). The form of merger most often employed

5746-399: Is combined into another entity by operation of the corporate law statute(s) of the jurisdiction of the merging entities. In a transaction structured as a merger or an equity purchase, the buyer acquires all of the assets and liabilities of the acquired entity. In a transaction structured as an asset purchase, the buyer and seller agree on which assets and liabilities the buyer will acquire from

5915-425: Is complete, the parties may proceed to draw up a definitive agreement, known as a "merger agreement", "share purchase agreement," or "asset purchase agreement" depending on the structure of the transaction. Such contracts are typically 80 to 100 pages long and focus on five key types of terms: Following the closing of a deal, adjustments may be made to some of the provisions outlined in the purchase agreement, such as

6084-426: Is important because the directors have the capability to act as effective and active bargaining agents, which disaggregated stockholders do not. But, because bargaining agents are not always effective or faithful, the second element is critical, because it gives the minority stockholders the opportunity to reject their agents' work. Therefore, when a merger with a controlling stockholder was: 1) negotiated and approved by

6253-410: Is marked by the goal line, two lines starting on the goal line 16.5 m (18 yd) from the goalposts and extending 16.5 m (18 yd) into the pitch perpendicular to the goal line, and a line joining them. This area has a number of functions, the most prominent being to mark where the goalkeeper may handle the ball and where a penalty foul by a member of the defending team becomes punishable by

6422-412: Is normal for M&A deal communications to take place in a so-called "confidentiality bubble," wherein the flow of information is restricted pursuant to confidentiality agreements. In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to be bought or the target's board has no prior knowledge of

6591-438: Is not a required piece of basic equipment, but players today may choose to wear it to protect themselves from head injury. Players are forbidden to wear or use anything that is dangerous to themselves or another player, such as jewellery or watches. The goalkeeper must wear clothing that is easily distinguishable from that worn by the other players and the match officials. A number of players may be replaced by substitutes during

6760-405: Is positioned on each goal line, midway between the two touchlines. The inner edges of the vertical goal posts must be 7.32 m (24 ft) apart, and the lower edge of the horizontal crossbar supported by the goal posts must be 2.44 m (8 ft) above the ground. Nets are usually placed behind the goal, but are not required by the Laws. In front of the goal is the penalty area. This area

6929-415: Is possible only when resources are exchanged and managed without affecting their independence. A corporate acquisition can be structured legally as either an "asset purchase" in which the seller sells business assets and liabilities to the buyer, an "equity purchase" in which the buyer purchases equity interests in a target company from one or more selling shareholders or a "merger" in which one legal entity

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7098-464: Is provided by full-service investment banks- who often advise and handle the biggest deals in the world (called bulge bracket ) - and specialist M&A firms, who provide M&A only advisory, generally to mid-market, select industries and SBEs. Highly focused and specialized M&A advice investment banks are called boutique investment banks . The dominant rationale used to explain M&;A activity

7267-816: Is quite unsuitable for females and should not be encouraged." Players and football writers have argued that this ban was, in fact, due to envy of the large crowds that women's matches attracted, and because the FA had no control over the money made from the women's game. The FA ban led to the formation of the short-lived English Ladies Football Association and play moved to rugby grounds. Women's football also faced bans in several other countries , notably in Brazil from 1941 to 1979, in France from 1941 to 1970, and in Germany from 1955 to 1970. Restrictions began to be reduced in

7436-506: Is recognisable as modern football. As with pre-codified mob football , the antecedent of all modern football codes , these three games involved more handling the ball than kicking it. Association football in itself does not have a classical history. Notwithstanding any similarities to other ball games played around the world, FIFA has described that no historical connection exists with any game played in antiquity outside Europe. The history of football in England dates back to at least

7605-487: Is that acquiring firms seek improved financial performance or reduce risk. The following motives are considered to improve financial performance or reduce risk: Megadeals—deals of at least one $ 1 billion in size—tend to fall into four discrete categories: consolidation, capabilities extension, technology-driven market transformation, and going private. On average and across the most commonly studied variables, acquiring firms' financial performance does not positively change as

7774-581: Is the dominant region in women's football, with the United States winning the most FIFA Women's World Cups and Olympic tournaments. Europe and Asia come second and third in terms of international success, and the women's game has been improving in South America. Association football is played in accordance with a set of rules known as the Laws of the Game . The game is played using a spherical ball of 68–70 cm (27–28 in) circumference, known as

7943-455: Is the official timekeeper for the match, and may make an allowance for time lost through substitutions, injured players requiring attention, or other stoppages. This added time is called "additional time" in FIFA documents, but is most commonly referred to as stoppage time or injury time , while lost time can also be used as a synonym. The duration of stoppage time is at the sole discretion of

8112-435: Is thought to have been borrowed from the slang of Rugby School . Initially spelt assoccer (a shortening of "association"), it was later reduced to the modern spelling. This form of slang also gave rise to rugger for rugby football, fiver and tenner for five pound and ten pound notes , and the now-archaic footer that was also a name for association football. The word soccer arrived at its current form in 1895 and

8281-404: Is to score goals; defenders , who specialise in preventing their opponents from scoring; and midfielders , who dispossess the opposition and keep possession of the ball to pass it to the forwards on their team. Players in these positions are referred to as outfield players, to distinguish them from the goalkeeper. These positions are further subdivided according to the area of the field in which

8450-421: The football (or soccer ball ). Two teams of eleven players each compete to get the ball into the other team's goal (between the posts and under the bar), thereby scoring a goal. The team that has scored more goals at the end of the game is the winner; if both teams have scored an equal number of goals then the game is a draw. Each team is led by a captain who has only one official responsibility as mandated by

8619-533: The 1945–46 season, after the war's conclusion, Blackpool spent one season in the Football League North . Scottish defender Hugh Kelly had arrived at Blackpool in 1943, as had fellow defender Tommy Garrett in 1942. Forward Stan Mortensen joined the club after the war in 1946. Mortensen went on to become Blackpool's top League goalscorer for the next nine seasons, sharing the honour with Allan Brown in 1952–53 . Stanley Matthews , who became

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8788-474: The 2010 Championship play-offs . They spent one season in the Premier League, under manager Ian Holloway , and later suffered a double relegation into League Two by 2016, though gained immediate promotion by winning the 2017 League Two play-off final , their sixth success in the format in eight finals. Football had developed in Blackpool by 1877, when Victoria F.C. were founded as a church club with

8957-527: The Caribbean and Oceania regions (except Australia ) have yet to make a mark in international football. When it comes to men's national teams, Europeans and South Americans continue to dominate the FIFA World Cup, as no team from any other region has managed to even reach the final. These regional trends do not hold true for the women's game, as the United States women's national team has won

9126-443: The FA Cup . A 23-year-old Ray Charnley topped the club's goalscoring chart with 20, in his first season as a professional, and went on to repeat the feat for seven of the eight seasons that followed. The League Cup came into existence in 1960–61 . Blackpool were knocked out in the second round, the round in which they entered. The club's First Division status came under threat, but they managed to avoid relegation by one point, at

9295-534: The Hudson's Bay Company merged with the rival North West Company . The Great Merger Movement was a predominantly U.S. business phenomenon that happened from 1895 to 1905. During this time, small firms with little market share consolidated with similar firms to form large, powerful institutions that dominated their markets, such as the Standard Oil Company , which at its height controlled nearly 90% of

9464-623: The Lancashire League in 1889 and were invited into the Football League Second Division in 1896. They failed re-election in 1899 but had their Football League membership reinstated the following year. From 1923 onwards, Blackpool have worn the tangerine shade of orange shirts, traditionally accompanied by white shorts and tangerine socks. Blackpool remained in the Second Division until they won

9633-567: The Laws of the Game , a set of rules that has been in effect since 1863 and maintained by the IFAB since 1886. The game is played with a football that is 68–70 cm (27–28 in) in circumference . The two teams compete to score goals by getting the ball into the other team's goal (between the posts, under the bar, and fully across the goal line). When the ball is in play, the players mainly use their feet, but may also use any other part of their body, such as their head, chest and thighs, except for their hands or arms, to control, strike, or pass

9802-472: The Third Division . As quickly as Shannon had taken Blackpool up, he saw them return whence they came. The club finished at the foot of the table and were relegated back to Division Two, along with Burnley. Before the season's conclusion, Shannon was briefly replaced by Jimmy Meadows as caretaker manager , who in turn was permanently replaced by Bob Stokoe . On 12 June 1971, well over a month after

9971-422: The 10 seasons that followed, Blackpool could finish no higher than 12th place. The club's top goalscorers in the league included Bob Birket (10 goals in 1900–01 ), Geordie Anderson (12 goals in 1901–02 ) and Bob Whittingham (13 in 1908–09 ). At the end of 1910–11 , the club found themselves in seventh place, thanks largely to Joe Clennell 's haul of 18 goals. It was a case of "as you were", however, for

10140-409: The 16-team Second Division . Blackpool's first-ever Football League game took place on 5 September 1896, at Lincoln City , which they lost 3–1 in front of around 1,500 spectators. For the 1897–98 campaign, the club played their home games at the Athletic Grounds (at the present-day Stanley Park ). They remained there for the first seven home games of 1898–99 , before returning to Raikes Hall for

10309-635: The 1960s and 1970s. The Italian women's football league was established in 1968. In December 1969, the Women's Football Association was formed in England, with the sport eventually becoming the most prominent team sport for women in the United Kingdom. Two unofficial women's World Cups were organised by the FIEFF in 1970 and in 1971 . Also in 1971, UEFA members voted to officially recognise women's football, while The Football Association rescinded

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10478-464: The 2,000 mark, making the club's formative years a financial success. After struggling to repeat the success of the 1893–94 season, the Blackpool board decided it was time to leave local football behind, so on 13 May 1896 the club became a limited company and applied for entry to the Football League . Their application was successful, and for the club's debut season, 1896–97 , they joined

10647-648: The 27 possible outcomes of those three games would have resulted in all three teams getting more than 37 points and Blackpool being relegated. Inevitably, Cardiff City beat Notts County, Leyton Orient drew with Charlton and, in the final match, Leyton Orient, who up to that point had only won one away game all season, and had lost six out of their previous eight away games, with no wins, beat now-safe Cardiff City, who had lost only two home games all season and had won six out of their previous seven homes games, with no defeats. Blackpool were relegated with 37 points (the seven teams above them all having 38 ), and were not to return to

10816-576: The FIFA Women's World Cup four times, more than any other women's team. Football is played at a professional level all over the world. Millions of people regularly go to football stadiums to follow their favourite teams, while billions more watch the game on television or on the internet. A very large number of people also play football at an amateur level. According to a survey conducted by FIFA published in 2001, over 240 million people from more than 200 countries regularly play football. Football has

10985-910: The Football Association, the Scottish Football Association , the Football Association of Wales , and the Irish Football Association . FIFA , the international football body, was formed in Paris in 1904 and declared that they would adhere to the Laws of the Game of the Football Association. The growing popularity of the international game led to the admittance of FIFA representatives to the IFAB in 1913. The board consists of four representatives from FIFA and one representative from each of

11154-467: The Game while the ball is in play. The offences that constitute a foul are listed in Law 12. Handling the ball deliberately, tripping an opponent, or pushing an opponent, are examples of "penal fouls", punishable by a direct free kick or penalty kick depending on where the offence occurred. Other fouls are punishable by an indirect free kick . The referee may punish a player's or substitute's misconduct by

11323-800: The Great Merger Movement were able to keep their dominance in their respective sectors through 1929, and in some cases today, due to growing technological advances of their products, patents , and brand recognition by their customers. There were also other companies that held the greatest market share in 1905 but at the same time did not have the competitive advantages of the companies like DuPont and General Electric . These companies such as International Paper and American Chicle saw their market share decrease significantly by 1929 as smaller competitors joined forces with each other and provided much more competition. The companies that merged were mass producers of homogeneous goods that could exploit

11492-475: The IFAB Laws. Each team consists of a maximum of eleven players (excluding substitutes ), one of whom must be the goalkeeper . Competition rules may state a minimum number of players required to constitute a team, which is usually seven. Goalkeepers are the only players allowed to play the ball with their hands or arms, provided they do so within the penalty area in front of their own goal. Though there are

11661-430: The Laws of the Game in connection with the match to which he has been appointed" (Law 5), and whose decisions are final. The referee is assisted by two assistant referees . In many high-level games there is also a fourth official who assists the referee and may replace another official should the need arise. Goal line technology is used to measure if the whole ball has crossed the goal-line thereby determining whether

11830-748: The Laws of the Game. The most prestigious senior international competitions are the FIFA World Cup and the FIFA Women's World Cup . The men's World Cup is the most-viewed sporting event in the world, surpassing the Olympic Games . The two most prestigious competitions in club football are the UEFA Champions League and the UEFA Women's Champions League , which attract an extensive television audience worldwide. The final of

11999-479: The Laws of the Game: to represent their team in the coin toss before kick-off or penalty kicks . The primary law is that players other than goalkeepers may not deliberately handle the ball with their hands or arms during play, though they must use both their hands during a throw-in restart. Although players usually use their feet to move the ball around, they may use any part of their body (notably, "heading" with

12168-628: The Oyston family from any involvement. During the long years of Oyston ownership, Blackpool were relegated to the fourth tier in 1990, promoted via the play-offs in 1992 , then relegated again in 2000. Blackpool reached the Premier League in 2010, after becoming the first club to gain promotion from every division of the Football League via the play-off system; they won the 2001 Third Division play-offs , 2007 League One play-offs and

12337-490: The Second Division in 30 years, guiding them to a third-placed finish . They had gone into the final game of the season at Huddersfield Town knowing that a win would likely secure a return to the First Division. They won 3–1, but once the premature celebrations had ended, they discovered that their nearest rivals, Queens Park Rangers , had scored a last-minute winner at Aston Villa . Q.P.R. were promoted by virtue of

12506-543: The United States. A notable exception is New Zealand, where in the first two decades of the 21st century, under the influence of international television, "football" has been gaining prevalence, despite the dominance of other codes of football, namely rugby union and rugby league . The term soccer comes from Oxford "-er" slang, which was prevalent at the University of Oxford in England from about 1875, and

12675-450: The acquiring company's stock, issued to the shareholders of the acquired company at a given ratio proportional to the valuation of the latter. They receive stock in the company that is purchasing the smaller subsidiary. There are some elements to think about when choosing the form of payment. When submitting an offer, the acquiring firm should consider other potential bidders and think strategically. The form of payment might be decisive for

12844-512: The acquisition so the team can focus on projects for their new employer). In recent years, these types of acquisitions have become common in the technology industry, where major web companies such as Facebook , Twitter , and Yahoo! have frequently used talent acquisitions to add expertise in particular areas to their workforces. Merger of equals is often a combination of companies of a similar size. Since 1990, there have been more than 625 M&A transactions announced as mergers of equals with

13013-514: The assets and liabilities that pertain solely to the unit being sold, determining whether the unit relies on services from other parts of the seller's organization, transferring employees, moving permits and licenses, and safeguarding against potential competition from the seller in the same business sector after the transaction is completed. From an economic point of view, business combinations can also be classified as horizontal, vertical and conglomerate mergers (or acquisitions). A horizontal merger

13182-581: The assets or ownership equity of the acquired entity. A consolidation/amalgamation occurs when two companies combine to form a new enterprise altogether, and neither of the previous companies remains independently owned. Acquisitions are divided into "private" and "public" acquisitions, depending on whether the acquiree or merging company (also termed a target ) is or is not listed on a public stock market . Some public companies rely on acquisitions as an important value creation strategy. An additional dimension or categorization consists of whether an acquisition

13351-449: The ball. Only the goalkeepers may use their hands and arms, and that only within the penalty area . The team that has scored more goals at the end of the game is the winner. There are situations where a goal can be disallowed, such as an offside call or a foul in the build-up to the goal. Depending on the format of the competition, an equal number of goals scored may result in a draw being declared with 1 point awarded to each team, or

13520-460: The ban that prohibited women from playing on association members' pitches in England. Women's football still faces many struggles, but its worldwide growth has seen major competitions being launched at both the national and international levels, mirroring the men's competitions. The FIFA Women's World Cup was inaugurated in 1991: the first tournament was held in China, featuring 12 teams from

13689-410: The beginning of each playing period with a kick-off until the end of the playing period, the ball is in play at all times, except when either the ball leaves the field of play, or play is stopped by the referee. When the ball becomes out of play, play is restarted by one of eight restart methods depending on how it went out of play: A foul occurs when a player commits an offence listed in the Laws of

13858-534: The beginning of the Croatian War of Independence of the 1990s, when a match between Dinamo Zagreb and Red Star Belgrade degenerated into rioting in May 1990. Women's association football has historically seen opposition, with national associations severely curbing its development and several outlawing it completely. Women may have been playing football for as long as the game has existed. Evidence shows that

14027-404: The buildup, direct red card decisions, and penalty decisions. The ball is spherical with a circumference of between 68 and 70 cm (27 and 28 in), a weight in the range of 410 to 450 g (14 to 16 oz), and a pressure between 0.6 and 1.1 standard atmospheres (8.5 and 15.6 pounds per square inch ) at sea level. In the past the ball was made up of leather panels sewn together, with

14196-446: The business either through debt, equity, or a portion of both. Five common ways to "triangulate" the enterprise value of a business are: Professionals who value businesses generally do not use just one method, but a combination. Valuations implied using these methodologies can prove different to a company's current trading valuation. For public companies, the market based enterprise value and equity value can be calculated by referring to

14365-482: The buyer and target companies seeing positive returns. This suggests that M&A creates economic value, likely by transferring assets to more efficient management teams who can better utilize them. (See Douma & Schreuder, 2013, chapter 13). There are also a variety of structures used in securing control over the assets of a company, which have different tax and regulatory implications: The terms " demerger ", " spin-off " and "spin-out" are sometimes used to indicate

14534-469: The buyer. Hence, the analysis should be done from the acquiring firm's point of view. Synergy-creating investments are started by the choice of the acquirer, and therefore they are not obligatory, making them essentially real options . To include this real options aspect into analysis of acquisition targets is one interesting issue that has been studied lately. See also contingent value rights . Mergers are generally differentiated from acquisitions partly by

14703-750: The champions of these two club competitions would contest the Intercontinental Cup to prove which team was the best in the world. In the 21st century, South America has continued to produce some of the best footballers in the world, but its clubs have fallen behind the still dominant European clubs, which often sign the best players from Latin America and elsewhere. Meanwhile, football has improved in Africa , Asia and North America , and nowadays, these regions are at least on equal grounds with South America in club football, although countries in

14872-598: The closing stages of the game. That same year, four Blackpool players were in the England team which lost against Hungary at Wembley . In the 1950s they had four top-six finishes in the First Division, with their best position being runners-up to Manchester United in 1955–56. In 1956, Stanley Matthews was the inaugural recipient of the Ballon d'Or . Blackpool were relegated from the First Division in 1967, and again in 1971 after winning promotion in 1969–70. They dropped into

15041-523: The club finished 11th and fourth. MacFarlane's final season, 1934–35 , marked Jimmy Hampson's eighth successive (and final) season as Blackpool's top League goalscorer. Joe Smith was appointed Blackpool's sixth manager in August 1935, a role in which he remained for the next 23 years. The club finished 10th in Smith's first season, with Bobby Finan taking over from Hampson as top scorer, with 34 goals. It

15210-484: The club from Nottingham Forest , was the country's top league scorer, with 32 goals to his name. Bedford repeated the feat the following season , this time under the watchful eye of new manager Frank Buckley , who replaced Bill Norman after his four years of service. Blackpool finished fourth in Buckley's first season in charge. The 1924–25 season was not as successful; a 17th-placed finish tempered only slightly by

15379-470: The club's 98 league goals. Blackpool lasted only three seasons in the First Division. Two third-bottom finishes were followed by a last-placed finish, and the club returned to the Second Division. The club's relegation prompted the Blackpool board to install a recognised manager, and they opted for Sandy MacFarlane . MacFarlane occupied the Bloomfield Road hot seat for just two seasons, in which

15548-407: The club's goalscoring chart for the second consecutive season with 10 strikes. Association football Association football , more commonly known as football or soccer , is a team sport played between two teams of 11 players each, who almost exclusively use their feet to propel a ball around a rectangular field called a pitch . The objective of the game is to score more goals than

15717-462: The club's reaching the fourth round of the FA Cup for the first time. A single-goal defeat at fellow Lancastrians Blackburn Rovers ended the Seasiders ' run. Buckley guided Blackpool to top-10 finishes in his final two seasons as manager – with Billy Tremelling 's 30 goals in the latter helping considerably – before he left to take the helm at Wolverhampton Wanderers . Buckley's replacement

15886-462: The company's current account), liquidity ratios might decrease. On the other hand, in a pure stock for stock transaction (financed from the issuance of new shares), the company might show lower profitability ratios (e.g. ROA). However, economic dilution must prevail towards accounting dilution when making the choice. The form of payment and financing options are tightly linked. If the buyer pays cash, there are three main financing options: M&A advice

16055-469: The company's share price and components on its balance sheet. The valuation methods described above represent ways to determine value of a company independently from how the market currently, or historically, has determined value based on the price of its outstanding securities. Most often value is expressed in a Letter of Opinion of Value (LOV) when the business is being valued informally. Formal valuation reports generally get more detailed and expensive as

16224-704: The conclusion of the League season , Blackpool won the Anglo-Italian Cup with a 2–1 victory over Bologna in the final. This was achieved without the services of Jimmy Armfield , who retired in May after 17 years and 627 appearances for the club. Blackpool finished amongst the top 10 teams in the Second Division for six consecutive seasons, under three different managers: Stokoe, Harry Potts and Allan Brown . Twice Blackpool narrowly missed promotion to Division One, by two points in 1974 and 1977. In February 1978, midway through 1977–78 , Brown's second season at

16393-420: The content analysis of seven interviews, the authors concluded the following components for their grounded model of acquisition: An increase in acquisitions in the global business environment requires enterprises to evaluate the key stake holders of acquisitions very carefully before implementation. It is imperative for the acquirer to understand this relationship and apply it to its advantage. Employee retention

16562-430: The control of the buyer modified. If the issuance of shares is necessary, shareholders of the acquiring company might prevent such capital increase at the general meeting of shareholders. The risk is removed with a cash transaction. Then, the balance sheet of the buyer will be modified and the decision maker should take into account the effects on the reported financial results. For example, in a pure cash deal (financed from

16731-425: The course of the game. The maximum number of substitutions permitted in most competitive international and domestic league games is five in 90 minutes, with each team being allowed one more if the game should go into extra-time; the permitted number may vary in other competitions or in friendly matches . Common reasons for a substitution include injury, tiredness, ineffectiveness, a tactical switch, or timewasting at

16900-405: The efficiencies of large volume production. In addition, many of these mergers were capital-intensive. Due to high fixed costs, when demand fell, these newly merged companies had an incentive to maintain output and reduce prices. However more often than not mergers were "quick mergers". These "quick mergers" involved mergers of companies with unrelated technology and different management. As a result,

17069-468: The efficiency gains associated with mergers were not present. The new and bigger company would actually face higher costs than competitors because of these technological and managerial differences. Thus, the mergers were not done to see large efficiency gains, they were in fact done because that was the trend at the time. Companies which had specific fine products, like fine writing paper, earned their profits on high margin rather than volume and took no part in

17238-453: The eighth century. The modern rules of association football are based on the mid-19th century efforts to standardise the widely varying forms of football played in the public schools of England. The Cambridge rules , first drawn up at the University of Cambridge in 1848, were particularly influential in the development of subsequent codes, including association football. The Cambridge rules were written at Trinity College, Cambridge , at

17407-420: The end of a finely poised game. In standard adult matches, a player who has been substituted may not take further part in a match. IFAB recommends "that a match should not continue if there are fewer than seven players in either team". Any decision regarding points awarded for abandoned games is left to the individual football associations. A game is officiated by a referee , who has "full authority to enforce

17576-466: The expense of Newcastle United . Local arch-rivals Preston North End were the other club to make the drop. In October 1961, Matthews, now aged 46, was sold back to Stoke City . Mid-table finishes in 1961–62 and 1962–63 (and an appearance in the League Cup semi-finals during the former) were offset by another lowly finish of 18th in 1963–64 , with Alan Ball top-scoring with 13 goals. Much of

17745-554: The first and only time in the club's history, four Blackpool players (Johnston, Matthews, Mortensen and debutant Ernie Taylor ) represented England in the infamous 6–3 defeat by Hungary at Wembley on 25 November 1953. Of the four, only Matthews would ever represent his country again. In 1955–56 , and now captained by Kelly, Blackpool attained their highest-ever finish in the Football League: runners-up to Manchester United, despite losing their final four league games. It

17914-486: The following three seasons (to Bury twice and Liverpool once), before winning the championship themselves on their fourth attempt. Blackpool's home at that point in time was Raikes Hall (also known as the Royal Palace Gardens), which was part of a large entertainment complex that included a theatre and a boating lake, amongst other attractions. This meant that the club's average attendances were around

18083-420: The forehead) other than their hands or arms. Within normal play, all players are free to play the ball in any direction and move throughout the pitch, though players may not pass to teammates who are in an offside position. During gameplay, players attempt to create goal-scoring opportunities through individual control of the ball, such as by dribbling , passing the ball to a teammate, and by taking shots at

18252-429: The form of Bill Norman . Norman guided the club to fourth-placed finishes in his first two league seasons in charge (he was installed as manager during the final inter-war season), with Lane again netting close to 30 goals in the former. The club's form nosedived in the 1921–22 season, with a finishing position of 19th, before bouncing back to a fifth-placed finish the following campaign. Harry Bedford , who had joined

18421-528: The formation of a Sheffield FA in 1867. In 1862, John Charles Thring of Uppingham School also devised an influential set of rules. These ongoing efforts contributed to the formation of The Football Association (The FA) in 1863, which first met on the morning of 26 October 1863 at the Freemasons' Tavern in Great Queen Street , London. The only school to be represented on this occasion

18590-531: The four British associations. For most of the 20th century, Europe and South America were the dominant regions in association football. The FIFA World Cup , inaugurated in 1930 , became the main stage for players of both continents to show their worth and the strength of their national teams. In the second half of the century, the European Cup and the Copa Libertadores were created, and

18759-464: The four seasons leading up to the First World War , with finishing positions of 14th, 20th, 16th and 10th. For the last of those seasons, Joe Lane netted 28 goals. The outbreak of war forced the cancellation of League football for four years, during which time regional competitions were introduced. When normality resumed, in 1919–20 , Blackpool had appointed their first full-time manager in

18928-432: The fourth tier after suffering relegations in 1978 and 1981, then gained promotion in 1984–85. Between 1987 and 2019, the club was owned by the Oyston family. In 1996, Owen Oyston was jailed for the rape and indecent assault of a 16-year-old girl four years earlier. His wife, Vicki, took over the chairmanship of the club during her husband's three-year prison term. The couple's son, Karl , took over in 1999 and remained in

19097-567: The game goes into extra time or a penalty shoot-out . Internationally, association football is governed by FIFA . Under FIFA, there are six continental confederations: AFC , CAF , CONCACAF , CONMEBOL , OFC , and UEFA . Of these confederations, CONMEBOL is the oldest one, being founded in 1916. National associations (e.g. The FA in England) are responsible for managing the game in their own countries both professionally and at an amateur level, and coordinating competitions in accordance with

19266-695: The game in a specific position, there are few restrictions on player movement, and players can switch positions at any time. The layout of a team's players is known as a formation . Defining the team's formation and tactics is usually the prerogative of the team's manager . There are 17 laws in the official Laws of the Game, each containing a collection of stipulations and guidelines. The same laws are designed to apply to all levels of football for both sexes, although certain modifications for groups such as juniors, seniors and people with physical disabilities are permitted. The laws are often framed in broad terms, which allow flexibility in their application depending on

19435-473: The global oil refinery industry. It is estimated that more than 1,800 of these firms disappeared into consolidations, many of which acquired substantial shares of the markets in which they operated. The vehicle used were so-called trusts . In 1900 the value of firms acquired in mergers was 20% of GDP . In 1990 the value was only 3% and from 1998 to 2000 it was around 10–11% of GDP. Companies such as DuPont , U.S. Steel , and General Electric that merged during

19604-425: The goal, which is guarded by the opposing goalkeeper. Opposing players may try to regain control of the ball by intercepting a pass or through tackling the opponent in possession of the ball; however, physical contact between opponents is restricted. Football is generally a free-flowing game, with play stopping only when the ball has left the field of play or when play is stopped by the referee for an infringement of

19773-481: The helm, Blackpool were seventh in the division. Having just beaten local rivals Blackburn Rovers 5–2, on 6 February 1978, Brown was sacked by chairman Billy Cartmell for personal reasons. The team won only one more game that season, which ended with their relegation to the Division Three for the first time in their history. On 1 April 1978, with six games to go, Blackpool were in eighth place, nine points off

19942-404: The highest global television audience in sport. In many parts of the world, football evokes great passions and plays an important role in the life of individual fans , local communities, and even nations. Ryszard Kapuściński says that Europeans who are polite, modest, or humble fall easily into rage when playing or watching football games. The Ivory Coast national football team helped secure

20111-687: The instigation of Alcock. England is also home to the world's first football league , which was founded in Birmingham in 1888 by Aston Villa director William McGregor . The original format contained 12 clubs from the Midlands and Northern England . Laws of the Game are determined by the International Football Association Board (IFAB). The board was formed in 1886 after a meeting in Manchester of

20280-707: The lack of a crossbar, rules which made it remarkably similar to Victorian rules football being developed at that time in Australia. The Sheffield FA played by its own rules until the 1870s, with the FA absorbing some of its rules until there was little difference between the games. The world's oldest football competition is the FA Cup , which was founded by the footballer and cricketer Charles W. Alcock , and has been contested by English teams since 1872. The first official international football match also took place in 1872, between Scotland and England in Glasgow , again at

20449-478: The league title in 1929–30, though they were relegated after three seasons in the First Division . Promoted again in 1936–37, the club entered a golden period under the stewardship of long-time manager Joe Smith . Blackpool lost the 1948 and 1951 FA Cup finals before winning the competition in 1953 , the so-called " Matthews final", in which they beat Bolton Wanderers 4–3, overturning a 3–1 deficit in

20618-440: The long run by increased market share, broad customer base, and corporate strength of business. A strategic acquirer may also be willing to pay a premium offer to target firm in the outlook of the synergy value created after M&A process. The term "acqui-hire" is used to refer to acquisitions where the acquiring company seeks to obtain the target company's talent, rather than their products (which are often discontinued as part of

20787-614: The men's tournament is the most-watched annual sporting event in the world. Association football is one of a family of football codes that emerged from various ball games played worldwide since antiquity. Within the English-speaking world, the sport is now usually called "football" in Great Britain and most of Ulster in the north of Ireland, whereas people usually call it "soccer" in regions and countries where other codes of football are prevalent, such as Australia, Canada, South Africa, most of Ireland (excluding Ulster), and

20956-440: The merger. Mergers, asset purchases and equity purchases are each taxed differently, and the most beneficial structure for tax purposes is highly situation-dependent. Under the U.S. Internal Revenue Code , a forward triangular merger is taxed as if the target company sold its assets to the shell company and then liquidated, them whereas a reverse triangular merger is taxed as if the target company's shareholders sold their stock in

21125-429: The most value from a business assessment, objectives should be clearly defined and the right resources should be chosen to conduct the assessment in the available timeframe. As synergy plays a large role in the valuation of acquisitions, it is paramount to get the value of synergies right; as briefly alluded to re DCF valuations. Synergies are different from the "sales price" valuation of the firm, as they will accrue to

21294-534: The nature of the game. The Laws of the Game are published by FIFA, but are maintained by the IFAB. In addition to the seventeen laws, numerous IFAB decisions and other directives contribute to the regulation of association football. Within the United States, Major League Soccer used a distinct ruleset during the 1990s and the National Federation of State High School Associations and NCAA still use rulesets that are comparable to, but different from,

21463-517: The next stoppage of play. The referee's decision in all on-pitch matters is considered final. The score of a match cannot be altered after the game, even if later evidence shows that decisions (including awards/non-awards of goals) were incorrect. Mergers and acquisitions Technically, a merger is the legal consolidation of two business entities into one, whereas an acquisition occurs when one entity takes ownership of another entity's share capital , equity interests or assets . From

21632-426: The offences that constitute misconduct are listed, the definitions are broad. In particular, the offence of "unsporting behaviour" may be used to deal with most events that violate the spirit of the game, even if they are not listed as specific offences. A referee can show a yellow or red card to a player, substitute, substituted player, and to non-players such as managers and support staff. Rather than stopping play,

21801-417: The offer. Hostile acquisitions can, and often do, ultimately become "friendly" as the acquirer secures endorsement of the transaction from the board of the acquiree company. This usually requires an improvement in the terms of the offer and/or through negotiation. "Acquisition" usually refers to a purchase of a smaller firm by a larger one. Sometimes, however, a smaller firm will acquire management control of

21970-412: The opposing team by moving the ball beyond the goal line into a rectangular-framed goal defended by the opposing team. Traditionally, the game has been played over two 45-minute halves, for a total match time of 90 minutes. With an estimated 250 million players active in over 200 countries and territories, it is the world's most popular sport. The game of association football is played in accordance with

22139-470: The original thirteen laws of the game. The sticking point was hacking, which a twelfth club at the meeting, Blackheath FC , had wanted to keep, resulting in them withdrawing from the FA. Other English rugby clubs followed this lead and did not join the FA, and instead in 1871, along with Blackheath, formed the Rugby Football Union . The FA rules included handling of the ball by "marks" and

22308-432: The pitch does not become square. In 2008, the IFAB initially approved a fixed size of 105 m (115 yd) long and 68 m (74 yd) wide as a standard pitch dimension for international matches; however, this decision was later put on hold and was never actually implemented. The longer boundary lines are touchlines , while the shorter boundaries (on which the goals are placed) are goal lines . A rectangular goal

22477-437: The pitch, making it more socially acceptable for women to play. The first match recorded by the Scottish Football Association took place in 1892 in Glasgow . In England, the first recorded game of football between women took place in 1895. Women's football has traditionally been associated with charity games and physical exercise, particularly in the United Kingdom. Association football continued to be played by women since

22646-437: The player spends the most time. For example, there are central defenders and left and right midfielders. The ten outfield players may be arranged in any combination. The number of players in each position determines the style of the team's play; more forwards and fewer defenders creates a more aggressive and offensive-minded game, while the reverse creates a slower, more defensive style of play. While players typically spend most of

22815-400: The players and spectators by holding up a board showing this number. The signalled stoppage time may be further extended by the referee. Added time was introduced because of an incident which happened in 1891 during a match between Stoke and Aston Villa . Trailing 1–0 with two minutes remaining, Stoke were awarded a penalty kick. Villa's goalkeeper deliberately kicked the ball out of play; by

22984-446: The purchase price. These adjustments are subject to enforceability issues in certain situations. Alternatively, certain transactions use the 'locked box' approach, where the purchase price is fixed at signing and based on the seller's equity value at a pre-signing date and an interest charge. The assets of a business are pledged to two categories of stakeholders: equity owners and owners of the business' outstanding debt. The core value of

23153-416: The referee may allow play to continue if doing so will benefit the team against which an offence has been committed. This is known as "playing an advantage". The referee may "call back" play and penalise the original offence if the anticipated advantage does not ensue within "a few seconds". Even if an offence is not penalised due to advantage being played, the offender may still be sanctioned for misconduct at

23322-419: The referee. Stoppage time does not fully compensate for the time in which the ball is out of play , and a 90-minute game typically involves about an hour of "effective playing time". The referee alone signals the end of the match. In matches where a fourth official is appointed, towards the end of the half, the referee signals how many minutes of stoppage time they intend to add. The fourth official then informs

23491-508: The remaining 10. After finishing third-bottom, the club were not re-elected at the end of the 1898–99 season, and spent the 1899–1900 term back in the Lancashire League. They finished third, and after the Football League's annual meeting, on 25 May 1900, were permitted back into Division Two. It was during this season out of the League that Blackpool amalgamated with local rivals South Shore and moved to Bloomfield Road . During

23660-440: The respective six confederations. The World Cup has been held every four years since; by 2019 , it had expanded to 24 national teams, and 1.12 billion viewers watched the competition. Four years later , FIFA targeted the 32-team 2023 Women's World Cup at an audience of 2 billion, while about 1.4 million tickets were sold, setting a Women's World Cup record. Women's football has been an Olympic event since 1996 . North America

23829-446: The rewards for M&A activity were greater for consumer products companies than the average company. For the period 2000–2010, consumer products companies turned in an average annual TSR of 7.4%, while the average for all companies was 4.8%. Given that the cost of replacing an executive can run over 100% of his or her annual salary, any investment of time and energy in re-recruitment will likely pay for itself many times over if it helps

23998-405: The role for nineteen years. In 2018, after the Oyston family was found, in a High Court judgement, to have operated an "illegitimate stripping" of the club, paying out £26.77 million to companies they owned, Owen relieved Karl of his role and gave it to his daughter, Natalie. In June 2019, Simon Sadler , a 49-year-old Blackpool-born businessman, bought a 96.2% share in the club, completely removing

24167-544: The rules. After a stoppage, play recommences with a specified restart. At a professional level, most matches produce only a few goals. For example, the 2022–23 season of the English Premier League produced an average of 2.85 goals per match. The Laws of the Game do not specify any player positions other than goalkeeper, but a number of specialised roles have evolved. Broadly, these include three main categories: strikers , or forwards, whose main task

24336-399: The same ensued over the following two seasons, before relegation finally occurred in 1966–67 . Blackpool finished bottom of the table, eight points adrift of fellow demotion victims Aston Villa . Suart had resigned four months before the end of the season. His replacement was another former Blackpool player, Stan Mortensen . Mortensen picked up the pieces for the club's first season back in

24505-429: The second tier for 29 years: Bob Stokoe returned for a second stint as manager for the 1978–79 campaign, at the end of which Blackpool finished mid-table. Stokoe resigned during the summer. Stan Ternent became Blackpool's seventh manager in nine years, only to be replaced in February 1980 by Alan Ball , the popular former Blackpool midfielder who left the club for Everton 14 years earlier. Ball himself only lasted

24674-448: The seller. Asset purchases are common in technology transactions in which the buyer is most interested in particular intellectual property but does not want to acquire liabilities or other contractual relationships. An asset purchase structure may also be used when the buyer wishes to buy a particular division or unit of a company that is not a separate legal entity. Divestitures present a variety of unique challenges, such as identifying

24843-442: The seller. With pure cash deals, there is no doubt on the real value of the bid (without considering an eventual earnout). The contingency of the share payment is indeed removed. Thus, a cash offer preempts competitors better than securities. Taxes are a second element to consider and should be evaluated with the counsel of competent tax and accounting advisers. Third, with a share deal the buyer's capital structure might be affected and

25012-554: The sexes are so widely divided are all on the side of emancipation , and I look forward to the time when ladies may sit in Parliament and have a voice in the direction of affairs, especially those which concern them most." Honeyball and those like her paved the way for women's football. However, the women's game was frowned upon by the British football associations and continued without their support. It has been suggested that this

25181-414: The size of a company increases, but this is not always the case as the nature of the business and the industry it is operating in can influence the complexity of the valuation task. Objectively evaluating the historical and prospective performance of a business is a challenge faced by many. Generally, parties rely on independent third parties to conduct due diligence studies or business assessments. To yield

25350-490: The target company to the buyer. The documentation of an M&A transaction often begins with a letter of intent . The letter of intent generally does not bind the parties to commit to a transaction, but may bind the parties to confidentiality and exclusivity obligations so that the transaction can be considered through a due diligence process involving lawyers, accountants, tax advisors, and other professionals, as well as business people from both sides. After due diligence

25519-534: The teams below Blackpool still had games to play, apart from bottom placed Hull City. The bottom of the Division Two table read: The only other team in the division with games to play was Notts County, in 14th place with 38 points. After Millwall achieved safety by beating already-relegated Mansfield Town, the three remaining fixtures were Cardiff City v. Notts County, Leyton Orient v. Charlton Athletic, and Cardiff City v. Leyton Orient. Only one combination from

25688-413: The third relegation slot. On 25 April, with one game to go, Blackpool were 14th, three points above Cardiff City in the third relegation slot. Four days later, Blackpool completed their programme and were 16th with 37 points – two points clear of Leyton Orient in the third relegation slot, with a vastly superior goal difference (−1, which was four better than fifth-placed Blackburn Rovers). At that point, all

25857-447: The time it was recovered, the clock had run out and the game was over, leaving Stoke unable to attempt the penalty. The same law also states that the duration of either half is extended until a penalty kick to be taken or retaken is completed; thus, no game can end with an uncompleted penalty. In league competitions, games may end in a draw. In knockout competitions where a winner is required, various methods may be employed to break such

26026-538: The time of the first recorded women's games in the late 19th century. The best-documented early European team was founded by activist Nettie Honeyball in England in 1894. It was named the British Ladies' Football Club . Honeyball is quoted as, "I founded the association late last year [1894], with the fixed resolve of proving to the world that women are not the 'ornamental and useless' creatures men have pictured. I must confess, my convictions on all matters where

26195-658: The topic brand architecture . Most histories of M&A begin in the late 19th century United States. However, mergers coincide historically with the existence of companies. In 1708, for example, the East India Company merged with an erstwhile competitor to restore its monopoly over the Indian trade. In 1784, the Italian Monte dei Paschi and Monte Pio banks were united as the Monti Reuniti. In 1821,

26364-422: The tournament or be the champion. Goals scored during extra time periods count towards the final score of the game, but kicks from the penalty mark are only used to decide the team that progresses to the next part of the tournament, with goals scored in a penalty shoot-out not making up part of the final score. In competitions using two-legged matches , each team competes at home once, with an aggregate score from

26533-547: The transaction and going down into detail about what to do about overlapping and competing product brands. Decisions about what brand equity to write off are not inconsequential. And, given the ability for the right brand choices to drive preference and earn a price premium, the future success of a merger or acquisition depends on making wise brand choices. Brand decision-makers essentially can choose from four different approaches to dealing with naming issues, each with specific pros and cons: The factors influencing brand decisions in

26702-613: The transmission of cuju outside of China, especially the form of the game popular in the Tang dynasty , the period when the inflatable ball was invented and replaced the stuffed ball. Other East Asian games include kemari in Japan and chuk-guk in Korea, both influenced by cuju . Kemari originated after the year 600 during the Asuka period . It was a ceremonial rather than

26871-439: The two matches deciding which team progresses. Where aggregates are equal, the away goals rule may be used to determine the winners, in which case the winner is the team that scored the most goals in the leg they played away from home. If the result is still equal, extra time and potentially a penalty shoot-out are required. Under the Laws, the two basic states of play during a game are ball in play and ball out of play . From

27040-406: The way in which they are financed and partly by the relative size of the companies. Various methods of financing an M&A deal exist: Payment by cash. Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under the (indirect) control of the bidder's shareholders. Payment in the form of

27209-516: Was Charterhouse . The Freemasons' Tavern was the setting for five more meetings of The FA between October and December 1863; the English FA eventually issued the first comprehensive set of rules named Laws of the Game , forming modern football. The laws included bans on running with the ball in hand and hacking (kicking an opponent in the shins), tripping and holding. Eleven clubs, under the charge of FA secretary Ebenezer Cobb Morley , ratified

27378-580: Was Sydney Beaumont , who took charge for the 1927–28 season, but he lasted only until the spring after the club finished in 19th position. Harry Evans was installed as the new Blackpool manager, in an honorary capacity, for the 1928–29 campaign. Due in no small part to Jimmy Hampson 's 40 goals, the club finished eighth. In his second season , Evans guided Blackpool to the Division Two championship (their only championship to date), finishing ahead of promotion rivals Chelsea and Oldham Athletic by three and four points respectively. Hampson had bagged 45 of

27547-541: Was Smith's second season in charge, however, that marked the starting point of the success to come. Blackpool finished the 1936–37 season as runners-up in the Second Division to Leicester City and were promoted back to the First Division. Two seasons of Division One football were played before the Second World War intervened. Blackpool sat atop the table at the time the abandonment occurred. Regional competitions were implemented again between 1939 and 1945. For

27716-412: Was a feat that could not be matched or bettered over the following two seasons, with fourth and seventh-placed finishes, and Smith left Blackpool as the club's most successful and longest-serving manager. Smith was succeeded, in May 1958, by Ron Suart , the first former Tangerine to return to the club as manager. In his first season, he led the club to eighth in the First Division and the sixth round of

27885-533: Was first recorded as in exercise in the Zhan Guo Ce , a military history from the Han dynasty . Cuju players would pass the ball around, having to avoid it touching the ground at any point. It was then passed to a designated player, who attempted to kick it through the fengliu yan , a circular goal atop 10–11 meter poles. During the Han dynasty (206 BCE – 220 CE), cuju games were standardised and rules were established. The Silk Road facilitated

28054-419: Was first recorded in 1889 in the earlier form of socca . Kicking ball games arose independently multiple times across multiple cultures. The Chinese competitive game cuju ( 蹴鞠 , literally "kickball"; also known as tsu chu ) resembles modern association football as well as a mix of basketball, and volleyball. This is the earliest form of a kicking game for which there is historical evidence. The game

28223-404: Was installed as manager for the 1969–70 season. In his first season, he succeeded where Mortensen had failed, by guiding the club back to the top flight as runners-up behind Huddersfield Town . Their promotion had been sealed after the penultimate game of the season, a 3–0 victory at rivals Preston North End, courtesy of a Fred Pickering hat-trick . The result effectively relegated the hosts to

28392-440: Was motivated by a perceived threat to the "masculinity" of the game. Women's football became popular on a large scale at the time of the First World War , when female employment in heavy industry spurred the growth of the game, much as it had done for men 50 years earlier. The most successful team of the era was Dick, Kerr Ladies F.C. of Preston, England . The team played in one of the first women's international matches against

28561-554: Was named Blackpool Football Club. The new club managed to win two pieces of silverware in its first season in existence, 1887–88 : the Fylde Cup and the Lancashire Junior Cup . At the conclusion of the following 1888–89 season, Blackpool became founder members of the Lancashire League . In their first season in the competition, the club finished fifth out of the 13 member clubs. They finished as runners-up over

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